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How to trade cryptocurrencies on our platform?

Introduction:

COINUT (Coin Ultimate Trading) is the most secure cryptocurrency exchange that allows you to buy & sell cryptocurrencies using Singapore Dollars (SGD), US Dollars & CAD. Signing up for COINUT is very simple. You will earn more than US$15 worth of Litecoin for signing up. Follow the beginners' guide below and complete registration in 5 minutes. Remember to invite your friends for extra rewards. Click on the link below to begin.

You can convert one cryptocurrency to another in our exchange. In this example, you will learn how to convert Bitcoin into Litecoin or vice versa. Converting other cryptocurrencies is the same. If you don't have cryptocurrencies in your account yet, please check https://help.coinut.com/hc/en-us/articles/115000286788 on how to deposit.

First, you need to log in and then go to https://coinut.com/spot. You will see there are different markets for you to convert between different currencies.

Because we are going to convert BTC into LTC (or LTC into BTC), we need to choose LTC and BTC on the list like the following.

After selection, we see it's chosen.

And the graph at the right side also changes to LTC/BTC.

Since we are going to convert BTC into LTC (LTC into BTC), you need to make sure you have some BTC (LTC) in your account first. We can check how much BTC we have here:

Now we see we have some 0.00000027 BTC (about 10 LTC) in our account, and we want to convert them into LTC (BTC). In other words, we want to buy LTC with BTC (sell LTC for BTC), and we need to use orders to achieve that. So now let's focus on the Place Order form below the Balance Status.

There is two type of orders: limit orders and market orders.

Limit orders let us buy/sell at a price that we set. We may have to wait until others fill our order if our price is not high enough (for buy orders) or low enough (for sell orders).

Market orders let us buy/sell at the current best market price. Our orders will get filled immediately, but if we buy a large quantity, our orders may not be filled at the ideal price. So we suggest using limit orders if we buy a large quantity.

Trade with market orders

Trading with market orders is easier. So we try Market orders first. Let's switch to the Market order form.

Convert all our BTC into LTC (LTC into BTC)

If we want to convert all BTC into LTC, just click the green max button, and it will calculate for us automatically how much LTC we can get, and then click Buy.

If it is successful, we will get a green notification like the following, and we can also see our LTC balance increased and our BTC balance decreased. And our trade is completed.

If a Not enough balance error occurs like the following, it means when we are submitting the order, the market has changed and we can no longer buy so much LTC. Then we just need to click the green max and click Buy to submit the order again.

Similarly, if we want to convert all our LTC into BTC, just click the red max button, and click Sell.

Convert BTC into LTC partially

If we only want to convert our BTC into LTC partially, it takes a one more calculation step. We first check the best price that we can buy at. We can see from the following picture that in the market, the lowest price that other people are selling at is 0.01179 (BTC) per Litecoin, and the quantity (Qty) at that price is 10 (LTC). That's the best price that we can buy at. If we are selling LTC for BTC, we need to check the best price that others are buying at, which is 0.01173 (BTC) per Litecoin indicated below at the left Buy side.

Because we have 0.00000027 (BTC) in our account, we can buy maximum 0.00000027 / 0.01179 = 0.0000229 (LTC). Assume that we want to buy as much as possible, we put 0.0000229 in the Qty field as the following.

And click the Buy button.

If it is successful, we will get a green notification like the following, and we can also see our LTC balance increased and our BTC balance decreased. And our trade is completed.

If the market moved and the best price is higher now when we click the Buy button, then we cannot buy 0.0000229 LTC anymore, and we will get an error message like the following. Then we need to reduce the amount of LTC that we want to buy and click the Buy button to try again.

If we want to convert LTC into BTC, we need to check the Buy-side instead of the Sell side, and the calculation needs to be changed accordingly, and finally, we need to use the Sell button instead of the Buy button.

Trade with limit orders

Limit orders may not be filled immediately. For our case, because we want to buy LTC with BTC, so we need to set the price high enough to get filled immediately. But how high is enough? We can check the order book on the right side as the following.

Because we are buying, we want to know at what prices others are selling. We can see from the following picture that the lowest price that people are selling at is 0.01168 (BTC) per Litecoin, and the quantity (Qty) at that price is 10 (LTC). If we want to convert LTC into BTC, we need to check the Buy side of the order book.

Therefore, we set our price as 0.01168 so that we can get our order filled immediately.

We still need to set the amount of Litecoins that we want to buy. Because we have 0.00000027 (BTC), we can buy at most 0.00000027 / 0.01168 = 0.0000231 (LTC). We put 0.0000231 in the Qty field to convert all the BTC into LTC but of course, we can buy less. (Hint: instead of doing the manual calculation, we can use the small green max button to get the Qty).

And then we click the Buy button.

If our order gets filled immediately, we will see a notification at the top right corner. Also, we will see your BTC balance decreases and our LTC balance increases. And we've just completed our trade.

If the market has moved and the lowest price has changed and our orders cannot be filled immediately, our order will stay open in the exchange until it gets filled or we cancel it. Our open orders will look like the following.

Once the open order gets filled, it will disappear automatically. If we don't want to wait anymore, we can cancel it by clicking the button on the right side: